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Real estate appraisal, property valuation or land valuation is the process of assessing the value of real property (usually market value). Real estate transactions often require appraisals because every property has unique characteristics.
The founder members were a number of professional institutes mainly concerned with real property valuation. The Committee changed its name in 1994 to the International Valuation Standards Committee, and from the late 1990s started to include member organisations concerned with the valuation of assets other than real property.
At the onset of an assignment, an appraiser is obligated to gather certain specified preliminary data about the project, such as the nature of the property to be appraised, the basis of value (e.g. market, investment, impaired, unimpaired), the interests appraised (e.g. fee, partial), important assumptions or hypothetical conditions, and the ...
In some jurisdictions, the assessed value is meant to equal the market value of a property. In other areas, the market value is multiplied by an assessment ratio to arrive at the assessed value. Once a tax assessor determines the assessed value, it is multiplied by a tax rate, called a "mill rate," to arrive at the amount of the property tax. [1]
SMM7 was accompanied by the Code of Procedure for the Measurement of Building Works (the SMM7 Measurement Code). Whilst SMM7 could have a contractual status within a project, for example in the JCT Standard form of Building Contract), the Measurement Code was not mandatory. [61] NRM2 Is the second of three component parts within the NRM suite:
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The sortable table below contains the three sets of ISO 3166-1 country codes for each of its 249 countries, links to the ISO 3166-2 country subdivision codes, and the Internet country code top-level domains (ccTLD) which are based on the ISO 3166-1 alpha-2 standard with the few exceptions noted. See the ISO 3166-3 standard for former country codes.
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